Strategic focus study on the new development pattern of ‘dual circulation’ in China under the impact of COVID-19

Abstract

Under the impact of COVID-19, the global economy has slowed down or has even shown negative growth, and the global industrial chain specialisation has shown three new trends：regionalisation, chain-clustering and back-up. Under this background, China has accelerated the construction of a new development pattern whereby domestic and international economic circulation boost each other, with the domestic circulation as the mainstay. As the Yangtze River Delta is expected to form the first industrial chain region in China, it is supposed to be the ‘window of China’ that supports the ‘dual circulation’ development pattern and leads the new round of globalisation, mainly through four upgrading paths ：constructing the ‘master’ of the industrial chain, creating the ‘brain’ of the industrial chain, laying out the ‘source place’ of the technology chain, and building a ‘safe haven’ for international investment and trade.

Keywords:

• Domestic and international ‘dual circulation’
• COVID-19
• the Yangtze River Delta

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Xianhai Huang

Xianhai Huang is a senior professor at the School of Economics, Zhejiang University. His research interests include international trade, world economy, and industrial economics.

Pan Yu

Pan Yu is a PhD candidate at the School of Economics, Zhejiang University. She focuses on the economics of international direct investment, intellectual property and other fields.

Xueyin Song

Xueyin Song is an Associate Professor at the School of Economics, Zhejiang University. His current research interest is the economic integration process of Yangtze River Delta.

Hangyu Chen

Hangyu Chen is a Postdoctoral Fellow at the School of Economics, Zhejiang University. His research interests include international trade, factor flows and export quality.